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NewB_(119)_9%_MixedIncomeDevelopment NameNew Brighton Senior Apartments# Units Rent # Units Rent # Units Rent # Units Rent # Units RentTotal Units119 5 668 5 1,027Cap Rate7.00% 12 855 8 952 5 1,467Vacancy Rate / Credit Allowance6.4% 37 1,280 22 1,163 13 1,333Income Inflator2.00%12 1,527Expense Inflator3.00%Initial InflatorFuture InflatorBegin in YearActuals Two Years AgoActuals One Year AgoActuals Current YearYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Rental Income 2.00% 1,707,238 1,741,383 1,776,211 1,811,735 1,847,9701,884,929 1,922,628 1,961,080 2,000,302 2,040,308 2,081,114 2,122,7362,165,191 2,208,495 2,252,665Parking Income 2.00% 77,400 78,948 80,527 82,137 83,780 85,456 87,165 88,908 90,686 92,500 94,350 96,237 98,162 100,125 102,128Commercial Income 2.00%Gross Potential Rent1,784,638 1,820,331 1,856,738 1,893,872 1,931,750 1,970,385 2,009,7922,049,988 2,090,988 2,132,808 2,175,464 2,218,973 2,263,353 2,308,6202,354,792Other Income from Operations (incl Laundry) 2.00% Other Other OtherTotal Other IncomeRental Vacancy 6.4% 2.00% 109,464 111,653 113,886 116,164 118,487 120,857 123,274 125,740 128,255 130,820 133,436 136,105 138,827 141,603 144,436Parking Vacancy 5.0% 2.00% 3,870 3,947 4,026 4,107 4,189 4,273 4,358 4,445 4,534 4,625 4,718 4,812 4,908 5,006 5,106Commercial Vacancy 10.0% 2.00%Other 2.00%Other 2.00%Total Rental Loss113,334 115,601 117,913 120,271 122,676 125,130 127,633 130,185 132,789135,445 138,154 140,917 143,735 146,610 149,542Net Rental Income1,671,304 1,704,730 1,738,825 1,773,601 1,809,073 1,845,255 1,882,1601,919,803 1,958,199 1,997,363 2,037,310 2,078,057 2,119,618 2,162,0102,205,250Property Management Fee 4.70% 3.00% 78,540 80,896 83,323 85,823 88,39791,049 93,781 96,594 99,492 102,477 105,551 108,718 111,979 115,339 118,799Administrative Expenses (less Prop Mgmt Fee) 3.00% 187,375 192,996198,786 204,750 210,892 217,219 223,736 230,448 237,361 244,482 251,816259,371 267,152 275,167 283,421Maintenance Expenses 3.00% 243,880 251,196 258,732 266,494 274,489 282,724 291,205 299,942 308,940 318,208 327,754 337,587 347,715 358,146 368,890Utilities 3.00% 184,355 189,886 195,582 201,450 207,493 213,718 220,130226,733 233,535 240,541 247,758 255,190 262,846 270,732 278,853Unique Operating Expenses 3.00%InsuranceM&O/DU/Mo:$513 3.00% 38,840 40,005 41,205 42,442 43,715 45,026 46,377 47,768 49,20150,677 52,198 53,764 55,377 57,038 58,749Real Estate Taxes 3.00% 96,180 99,065 102,037 105,098 108,251 111,499 114,844 118,289 121,838 125,493 129,258 133,136 137,130 141,244 145,481ReservesReserves/Unit:$34641,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140 41,140Effective Gross Expense52.07%870,310 895,185 920,806 947,196 974,378 1,002,375 1,031,212 1,060,915 1,091,508 1,123,019 1,155,475 1,188,905 1,223,338 1,258,804 1,295,334Net Operating Income800,994 809,545 818,018 826,405 834,695 842,880 850,948 858,889 866,691874,344 881,835 889,151 896,280 903,206 909,916Temporary IncomeTemporary Income ‐ TIF132,014 132,014 132,014 132,014 132,014 132,014 132,014 132,014 132,014132,014 132,014 132,014 132,014 132,014 132,014933,008 941,559 950,033 958,419 966,709 974,894 982,962 990,903 998,7061,006,359 1,013,849 1,021,166 1,028,294 1,035,220 1,041,931666,280 666,280 666,280 666,280 666,280 666,280 666,280 666,280 666,280666,280 666,280 666,280 666,280 666,280 666,280129,187 129,187 129,187 129,187 129,187 129,187 129,187 129,187 129,187129,187 129,187 129,187 129,187 129,187 129,18734,795 34,416 34,020 33,604 33,169 32,713 32,235 31,735 31,211 30,662 30,087 29,485 28,854 28,193 27,501OtherOther830,262 829,883 829,487 829,071 828,636 828,180 827,702 827,202 826,678826,129 825,554 824,952 824,321 823,660 822,9671.12 1.13 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 1.27102,747 111,676 120,546 129,348 138,074 146,714 155,260 163,701 172,028180,230 188,296 196,214 203,973 211,561 218,963102,747 111,676 120,546 129,348 138,074 146,714 155,260 163,701 172,028180,230 188,296 196,214 203,973 211,561 218,9631.12 1.13 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 1.27Amount Rate7,000 7,210 7,426 7,649 7,879 8,115 8,358 8,609 8,867 9,133 9,407 9,690 9,980 10,280 10,5881,166,165 95,747 104,466 113,120 121,699 130,195 138,599 146,901 155,092 160,346Deferred LoansRate000000002,814 171,096 178,888 186,524 193,993 201,281 208,3753BRFloor PlanNet Cash FlowLP Assest Mgmt FeeDeferred Developer FeeMinnesota Housing Cash Flow NoteExpenses to be paid from Available CashTotal Debt ServiceTotal Debt Service CoverageCash FlowFunds from Debt Services Reserve Enter this amt in Dev Costs, ReservesAdjusted Cash FlowAdjusted Debt Service CoverageEXPENSESTotal Income for Debt ServiceDEBT SERVICEMN Housing 1st MortgageTIF Supported MortgageMIPMHFACASH FLOWINCOMEFloor Plan1BR1BR1BRFloor Plan2BR2BR2BR2BRFloor PlanFloor Plan3BRWorkbookCash Flow ‐ Page 13 of 323/26/2018 5:25 PM
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